- The Malta Gaming Authority has decided to launch a closed consultation on a proposed Policy regarding ITAs, Virtual Tokens, and VFAs
- The consultation will allow relevant stakeholders to express their views on the proposed policy
- The consultation period will expire on December 14
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The Malta Gaming Authority (MGA) has announced it would launch a closed consultation for relevant stakeholders in regard to a proposed policy concerning the use of Innovative Technology Arrangements (ITAs) and the introduction of Virtual Tokens and Virtual Financial Assets (VFAs). The applicable period of the guidance on the use of ITAs and the acceptance of VFAs and Virtual Tokens will end on December 31. MGA decided to introduce the freshly drafted policy as a means of displaying its stand regarding the acceptance of VFAs, virtual tokens, and the use of ITAs. The topics of discussion will also feature smart contracts and Distributed Ledger Technology platforms.
MGA to Launch a Regulatory Workshop
As part of the planned consultation procedure, the authority that aims to promote gaming in responsible environments and protect players’ rights, along with minors and vulnerable persons has announced that it will launch its first Regulatory Workshop. Other similar workshops will follow in the near future. The primary topic of the first forum held during the Workshop will be the proposed policy for virtual tokens, VFAs, and ITAs. The objective of these workshops will be to present a better-structured point of contact between the authority and industry stakeholders. At the same time, the workshops will stimulate informal feedback in relation to regulatory matters that both parties should find interesting.
Stakeholders Have Until December 14 to Submit Feedback
In the upcoming weeks, MGA will initiate a series of invitations to all stakeholders willing to take part in the first workshop that will be organized in December. The consultation that will allow stakeholders to submit their feedback will end on December 14. At the beginning of October, MGA launched a similar closed consultation revolving around the Player Protection Directive amendments.
The authority then asked its licensees for opinions in regard to the proposed customer protection changes. The regulator was aiming to bring serious improvements to its protection policies by reinforcing its Player Protection Directive. The closed consultation was primarily aimed at the introduction of five signs of gambling harm that MGA’s licensees should take into consideration when selecting the best player protection and gambling harm prevention solutions. Among the covered amendments, MGA mentioned the need for specialized staff training and the provision of monetary reinforcements.
Last October, the authority that aims to consolidate all regulatory functions in relation to gaming activities invited interested parties in the industry to discuss the Revised Audit Service Provider Guidelines.